MetLife secured a $555 million refinancing tied to its 50-story Loop apartment tower, which could be part of a larger property portfolio.
TH Real Estate, the real estate arm of TIAA, provided the loan, which includes the 389-unit building at 215 W. Washington St.
A MetLife spokesperson declined to say whether the building was part of the bigger portfolio being used as collateral for the loan, but a legal description included with the mortgage documents also references property in Davidson County, Tennessee.
MetLife bought the West Washington street building in 2012 for $120 million, Crain’s reported at the time.
Occupancy rates in Chicago-area apartments are essentially holding steady despite accelerating construction, and rents for newer, more expensive apartment buildings Downtown rose to record highs earlier this year.Recommend0 recommendationsPublished in